The number of card payments per inhabitant in Canada has shown a steady upward trend. In 2023, the actual figure stood at 315. Each following year from 2024 through 2028 sees an increase, indicating a continuous rise in card payment adoption among Canadians. The year-on-year growth rate averages around 1.5-1.7%, illustrating consistent increases in usage. Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) highlights a robust average growth of approximately 1.7% per annum.
Future trends to observe include the impact of advancing payment technologies, such as contactless and digital wallet transactions, and any shifts in consumer behavior due to regulatory changes or economic conditions. Additionally, the influence of cross-border commerce and fintech innovations could further drive card payment usage in Canada.
